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Ripple files counterclaim

With respect to deepening lawsuit, Ripple filed a counterclaim in the New York State Court stating that claiming R3 signed the deal in ‘bad faith’ as reported by Fortune. It also stated that R3 used their partnership in establishing a competing product. The counterclaim highlighted, “R3 had misrepresented its resources and current ability to perform solely to induce Ripple in executing the Agreements”.